BP invested $8 billion in cash, shares and assets when it formed TNK-BP in 2003 and received a total of $19 billion in dividends over the next decade. BP sold its interest in TNK-BP to Rosneft and then reinvested in Rosneft shares. BP now holds a 19.75 percent interest in Rosneft.

BP Chairman Carl-Henric Svanberg says the company expects their stake in Rosneft to generate long-term gains, but that the buyback also gives our shareholders benefits now.

The buy-back is expected to take between 12 and 18 months to complete.